October - December 2010

Financial Services Industry

Monthly Bulletin

III Domestic regulatory proposals

1 Banking

2 Private pensions

3 Capital Markets

IV International regulatory

proposals measures

1 Banking

2 Insurance

3 Capital Markets

Contents

I Domestic regulatory updates

1 Banking

2 Insurance

3 Private pensions

4 Capital Markets

II International regulatory updates

1 Banking

2 Capital Markets

Domestic regulatory

updates

Banking

Issuer National Bank of Romania

(ldquoNBRrdquo)

NBR established the level of the reference

interest rate applicable for October 2010

NBR enacted Circular no 322010 regarding the level of the reference interest rate valid for October 2010 According to the above mentioned Circular the reference interest rate valid for October 2010 was set at 625 per year The Circular was published in the Official

Gazette no 67101102010 and may be accessed here NBR established the level of the interest rates paid for the minimum mandatory reserves for 24 September - 23 October 2010

NBR enacted Circular no 342010 regarding the interest rates paid on minimum mandatory reserves for the period 24 September - 23 October 2010 described further below as follows

163 per year for minimum mandatory reserves established in RON

103 per year for minimum mandatory reserves established in Euro

059 per year for minimum mandatory reserves established in US dollars

The said Circular was published in the Official Gazette no 70221102010 and may be accessed here NBR repealed several legislative acts in financial ndash accounting field

NBR enacted Regulation no 2418102010 repealing several regulations issued by NBR in the financial ndash accounting field The Regulation was published in the Official Gazette no

70622102010 and may be accessed here

NBR has amended the regulatory framework regarding the treatment of credit risk according to standard approach

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 12192010

regarding the amendment of joint NBRNSC

Regulation no 14192006 regarding the

treatment of credit risk for credit institutions

and investments firms according to standard

approach The Regulation mentioned above

has been published in the Official Gazette no

72501112010 and may be accessed here

NBR has amended the regulatory

framework regarding risk treatment based

on internal rating models

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 13202010

regarding the amendment of joint NBRNSC

Regulation no 15202006 regarding the risk

treatment for credit institutions and investment

firms according to an approach based on

internal rating models The Regulation

mentioned above has been published in the

Official Gazette no 72501112010 and may

be accessed here

NBR has amended the regulatory

framework regarding high exposures

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 14242010

regarding high exposures of credit institutions

and investment firms The Regulation

mentioned above has been published in the

Official Gazette no 72501112010 and may

be accessed here

NBR has amended the regulatory

framework regarding the own funds of

credit institutions

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 15182010

regarding the amendment of joint NBRNSC

Regulation no 18232006 regarding the own

funds of credit institutions and investment

firms The Regulation mentioned above has

been published in the Official Gazette no

72601112010 and may be accessed here

Domestic regulatory

updates

Banking

Issuer National Bank of Romania

(ldquoNBRrdquo)

NBR established the level of the reference

interest rate applicable for October 2010

NBR enacted Circular no 322010 regarding the level of the reference interest rate valid for October 2010 According to the above mentioned Circular the reference interest rate valid for October 2010 was set at 625 per year The Circular was published in the Official

Gazette no 67101102010 and may be accessed here NBR established the level of the interest rates paid for the minimum mandatory reserves for 24 September - 23 October 2010

NBR enacted Circular no 342010 regarding the interest rates paid on minimum mandatory reserves for the period 24 September - 23 October 2010 described further below as follows

163 per year for minimum mandatory reserves established in RON

103 per year for minimum mandatory reserves established in Euro

059 per year for minimum mandatory reserves established in US dollars

The said Circular was published in the Official Gazette no 70221102010 and may be accessed here NBR repealed several legislative acts in financial ndash accounting field

NBR enacted Regulation no 2418102010 repealing several regulations issued by NBR in the financial ndash accounting field The Regulation was published in the Official Gazette no

70622102010 and may be accessed here

NBR has amended the regulatory framework regarding the treatment of credit risk according to standard approach

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 12192010

regarding the amendment of joint NBRNSC

Regulation no 14192006 regarding the

treatment of credit risk for credit institutions

and investments firms according to standard

approach The Regulation mentioned above

has been published in the Official Gazette no

72501112010 and may be accessed here

NBR has amended the regulatory

framework regarding risk treatment based

on internal rating models

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 13202010

regarding the amendment of joint NBRNSC

Regulation no 15202006 regarding the risk

treatment for credit institutions and investment

firms according to an approach based on

internal rating models The Regulation

mentioned above has been published in the

Official Gazette no 72501112010 and may

be accessed here

NBR has amended the regulatory

framework regarding high exposures

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 14242010

regarding high exposures of credit institutions

and investment firms The Regulation

mentioned above has been published in the

Official Gazette no 72501112010 and may

be accessed here

NBR has amended the regulatory

framework regarding the own funds of

credit institutions

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 15182010

regarding the amendment of joint NBRNSC

Regulation no 18232006 regarding the own

funds of credit institutions and investment

firms The Regulation mentioned above has

been published in the Official Gazette no

72601112010 and may be accessed here

Banking

Issuer National Bank of Romania

(ldquoNBRrdquo)

NBR established the level of the reference

interest rate applicable for October 2010

NBR enacted Circular no 322010 regarding the level of the reference interest rate valid for October 2010 According to the above mentioned Circular the reference interest rate valid for October 2010 was set at 625 per year The Circular was published in the Official

Gazette no 67101102010 and may be accessed here NBR established the level of the interest rates paid for the minimum mandatory reserves for 24 September - 23 October 2010

NBR enacted Circular no 342010 regarding the interest rates paid on minimum mandatory reserves for the period 24 September - 23 October 2010 described further below as follows

163 per year for minimum mandatory reserves established in RON

103 per year for minimum mandatory reserves established in Euro

059 per year for minimum mandatory reserves established in US dollars

The said Circular was published in the Official Gazette no 70221102010 and may be accessed here NBR repealed several legislative acts in financial ndash accounting field

NBR enacted Regulation no 2418102010 repealing several regulations issued by NBR in the financial ndash accounting field The Regulation was published in the Official Gazette no

70622102010 and may be accessed here

NBR has amended the regulatory framework regarding the treatment of credit risk according to standard approach

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 12192010

regarding the amendment of joint NBRNSC

Regulation no 14192006 regarding the

treatment of credit risk for credit institutions

and investments firms according to standard

approach The Regulation mentioned above

has been published in the Official Gazette no

72501112010 and may be accessed here

NBR has amended the regulatory

framework regarding risk treatment based

on internal rating models

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 13202010

regarding the amendment of joint NBRNSC

Regulation no 15202006 regarding the risk

treatment for credit institutions and investment

firms according to an approach based on

internal rating models The Regulation

mentioned above has been published in the

Official Gazette no 72501112010 and may

be accessed here

NBR has amended the regulatory

framework regarding high exposures

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 14242010

regarding high exposures of credit institutions

and investment firms The Regulation

mentioned above has been published in the

Official Gazette no 72501112010 and may

be accessed here

NBR has amended the regulatory

framework regarding the own funds of

credit institutions

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 15182010

regarding the amendment of joint NBRNSC

Regulation no 18232006 regarding the own

funds of credit institutions and investment

firms The Regulation mentioned above has

been published in the Official Gazette no

72601112010 and may be accessed here

NBR has amended the regulatory

framework regarding the techniques for

reducing the credit risk

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 16172010

regarding the amendment of joint NBRNSC

Regulation no 19242006 regarding the

techniques for reducing the credit risk used by

credit institutions and investment firms The

Regulation mentioned above has been

published in the Official Gazette no

72501112010 and may be accessed here

NBR has amended the regulatory

framework regarding the treatment of credit

risk in case of certain types of transactions

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 17152010

regarding the amendment of joint NBRNSC

Regulation no 20252006 regarding the

treatment of credit risk of counter-trade

concerning secondary financial instruments

redeem transactions giving taking

titlesmerchandise by loan long term deduction

and short loan transactions The Regulation

mentioned above has been published in the

Official Gazette no72501112010 and may be

accessed here

NBR has amended the regulatory

framework regarding the exposures

triggered by securitization

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 18162010

regarding the treatment of credit risk

correspondent to the exposures triggered by

securitization The Regulation mentioned

above has been published in the Official

Gazette no 72601112010 and may be

accessed here

NBR has amended the regulatory

framework regarding capital adequacy

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 19232010

regarding the amendment of joint NBRNSC

Regulation no 22272006 regarding capital

adequacy for credit institutions and investment

firms The Regulation mentioned above has

been published in the Official Gazette no

72601112010 and may be accessed here

NBR has amended the regulatory

framework regarding the technical criteria

referring to risk organization and treatment

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 20252010

regarding the amendment of joint NBRNSC

Regulation no 23282006 regarding the

technical criteria referring to risk organization

and treatment as well as the technical criteria

used by the competent authorities for their

verification and evaluation The Regulation

mentioned above has been published in the

Official Gazette no 72601112010 and may

be accessed here

NBR has amended the regulatory

framework regarding publishing

requirements for credit institutions

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 21262010

regarding the amendment of joint NBRNSC

Regulation no 25302006 regarding the

publishing requirements for credit institutions

and investment firms The Regulation

mentioned above has been published in the

Official Gazette no 72601112010 and may

be accessed here

NBR has amended the regulatory

framework regarding the computation of

minimum capital requirements

NBR (jointly with NSC) has approved the joint

NBRNSC Regulation no 23212010

regarding the amendment of the joint

NBRNSC Regulation no 13182006

regarding the computation of minimum capital

requirements for credit institutions and

investment firms The Regulation mentioned

above has been published in the Official

Gazette no 72601112010 and may be

accessed here

NBR enacted Circular no 362010 regarding

the level of the reference interest rate

applicable for November 2010 namely of

625 per year The Circular mentioned above

has been published in the Official Gazette no

72701112010 and may be accessed here

NBR has set the reference interest rate

valid for December 2010

NBR has issued Circular no 402010 on the

reference interest rate for December 2010

According to the above mentioned Circular

NBRrsquos reference interest rate in December

2010 was set at 625 per year Circular

mentioned above was published in the Official

Gazette no 80602122010 and may be

accessed here

NBR amended the method of preparation

for informative purposes of the individual

annual financial statements

NBR issued on 29112010 Order no 242010

for the amendment of NBRrsquos Order no

152009 on the drafting by the credit

institutions for informative purposes of the

individual annually financial statements in

accordance with International Financial

Reporting Standards The above mentioned

Order was published in the Official Gazette no

83413122010 and may be accessed here

NBR amended the regulatory framework of

the settlement in payment systems and in

settlement systems for financial

instruments

NBR enacted Order no 11912010 for the

amendment of NBRrsquos Order no 342008 on the

settlement of systems falling under the

provisions of Law no 2532004 on final

settlement in payment systems and settlement

systems for financial instruments The Order

mentioned above was published in the Official

Gazette no 83614122010 and may be

accessed here

NBR amended the regulatory framework on

the management of the activity of credit

institutions internal assessment of the

capital adequacy to risks and the

conditions for outsourcing

NBR enacted Regulation no 2510122010 for

the amendment of NBRrsquos Regulation no

182009 regarding the management of the

activity of credit institutions internal

assessment of the capital adequacy to risks

and the conditions for outsourcing The above

mentioned Regulation was published in the

Official Gazette no 85621122010 and it may

be accessed here

NBR amended the regulatory framework

applicable to the reporting of high

exposures by credit institutions

NBR enacted Order no 232010 regarding the

reporting of high exposures by credit

institutions The Order was published in the

Official Gazette no 75612112010 and may

be accessed here

NBR established the interest rates paid to

mandatory minimum reserves for October

24 - November 23 2010

NBR enacted Circular no 372010 on the

interest rates paid to mandatory minimum

reserves for October 24 - November 23 2010

described below as follows

161 per year for mandatory minimum

reserves established in lei

102 per year for mandatory minimum

reserves established in Euros

046 per year for mandatory minimum

reserves established in USA dollars

The said circular was published in the Official

Gazette no 77719112010 and may be

accessed here

NBR amended the current regulatory

framework regarding the reporting of the

minimum capital requirements by credit

institutions

NBR enacted Order no 222010 regarding the

reporting of the minimum capital requirements

by credit institutions The above mentioned

Order was published in the Official Gazette no

78624112010 and may be accessed here

NBRrsquos Order no 222010 entered into force on

31122010 moment upon which NBRrsquos Order

no 122007 regarding the reporting of the

minimum capital requirements has been

repealed

NBR amended the regulatory framework on

the reporting of statements relating to

credit exposures recorded against debtors

which are outside the credit system

NBR enacted Order no 2510122010

regarding the reporting of statements relating

to credit exposures recorded against debtors

which are outside the credit system The said

Order was published in the Official Gazette no

86022122010 and it may be accessed here

NBR amended the regulatory framework

regarding the accounting regulations

according to European directives

applicable to credit institutions non-

banking financial institutions and to the

Fund for guaranteeing the deposits in the

banking system

NBR issued Order no 262010 regarding the

amendment of the accounting regulations

according to European directives applicable to

credit institutions non-banking financial

institutions and to the Fund for guaranteeing

the deposits in the banking system approved

through NBR Order no 132008 The said

Order was published in the Official Gazette no

88629122010 and may be accessed here

NBR established the regulatory framework

regarding the Accounting regulations

according to International Financial

Reporting Standards applicable to credit

institutions

NBR issued Order no 272010 for the approval

of the Accounting regulations according to

International Financial Reporting Standards

applicable to credit institutions The said Order

was published in the Official Gazette no

89030122010 and may be accessed here

Issuer Romanian Parliament

Romanian Parliament amended

Government Emergency Ordinance no

262010

Romanian Parliament enacted on 07122010

Law no 2312010 for the approval and

amendment of Government Emergency

Ordinance no 262010 We underline that the

said emergency ordinance amended at its turn

Government Emergency Ordinance no

992006 on credit institutions and capital

adequacy The said Law was published in the

Official Gazette no 82610122010 and may

be accessed here

The Romanian Parliament amended the

regulatory framework regarding credit

contracts concluded with consumers

The Parliament enacted Law no 2882010 for

the approval of Governmentrsquos Emergency

Ordinance no 502010 regarding the credit

contracts for consumers The said Law was

published with the Official Gazette no

89030122010 and may be accessed here

PPSSC has amended the regulatory

framework regarding private pension

scheme prospectus

PPSSC has issued Norm no 142010 for the

amendment of PPSSCrsquos Norm no 72007 on

private pension scheme prospectus The

above mentioned Norm was published in the

Official Gazette no 72229102010 and may

be accessed here

PPSSC has amended the regulatory

framework regarding the maximum

percentage which can be invested for each

asset of the funds of voluntary pension

funds

PPSSC has issued Norm no 152010 for the

amendment of the Norm no 262007 regarding

the temporary amendment of the maximum

percentage which can be invested for each

asset of the funds of voluntary pension funds

The said Norm was published in the Official

Gazette no 7302112010 and may be

accessed here

PPSSC has amended the regulatory

framework regarding the prospectus of the

voluntary pension scheme

PPSSC has issued Norm no 162010

regarding the prospectus of the voluntary

pension scheme The said Norm was

published in the Official Gazette no

80030112010 and may be accessed here

Insurance

Issuer Insurance Supervision

Commission (ldquoISCrdquo)

ISC amended the regulatory framework

regarding electronic reporting of insurance

contracts

ISC enacted Order no 132010 for the

approval of the Norms regarding the conditions

and manners of electronic reporting of the data

corresponding to the insurance contracts

concluded for the vehicles registered in

Romania The said Order was published in the

Official Gazette no 84416122010

Private Pensions

Issuer Private Pension System

Supervision Commission (ldquoPPSSCrdquo)

PPSSC amended the regulatory framework

regarding the authorization of the

management of privately administered

pension funds

PPSSC enacted Norm no 122010 regarding

the authorization of the establishment of a

pension company and the license for the

management of privately managed pension

funds The above mentioned Norm was

published in the Official Gazette No

69114102010 and may be accessed here

PPSSC amended the regulatory framework

regarding the authorization of the

management of voluntary pension funds

PPSSC enacted Norm no 132010 regarding

the authorization of the establishment of

pension companies and for the management of

voluntary pension funds The above mentioned

Norm was published in the Official Gazette No

69114102010 and may be accessed here

Capital Markets

Issuer National Securities

Commission (ldquoNSCrdquo)

NSC suspended the application of the

provisions of Regulation no 12006

regarding the mandatory registration of

securities with NSC

NSC enacted Notice no 1513102010

regarding the mandatory registration of

securities with NSC According to the said

Notice NSC decided to suspend the

application of the provisions of Article 100 (3)

(b) of NSCrsquos Regulation no 12006 regarding

issuers and securities operations pertaining to

the mandatory registration with NSC of the

securities traded within an alternative trading

system in accordance with its functioning

regulations approved by NSC The said notice

may be accessed here

NSC clarified certain aspects related to the

applicability of Article 206 and 207 of Law

no 2972004 regarding capital markets

NSC enacted Notice no 4414102010

regarding the applicability of the provisions of

Article 206 and 207 of Law no 2972004

regarding capital markets (ldquoLaw 2972004rdquo)

and pertaining to mandatory takeovers Thus

according to the mentioned Notice the

initiation andor development of corporate

operations leading to the adjusting of the share

capital of a company upon closing of a public

purchase offer made to all of the companyrsquos

shareholders and for all of their holdings does

not fall under the provisions of Article 206 and

207 of Law no 2972004 The said notice may

be accessed here

NSC clarified certain aspects related to the

restrictions applicable to the members of

the board of directors of market operators

from the perspective of RASDAQ market

NSC enacted Notice no 4313102010

regarding the restrictions applicable to the

members of the board of directors of a market

operator In accordance with the said Notice a

member of the board of a market operator

cannot be also a member in the board of a

company whose securities are traded by that

respective operator with this restriction being

expressly extended now to RASDAQ market

as well For more information please access

here

NSC clarified certain aspects regarding to

undertakings for collective investment

NSC enacted Decision no 14812010 based

on which the amendments brought to the

documentation submitted by undertakings for

collective investment which are not harmonized

or from third states that distribute participation

titles in Romania should be authorized by NSC

The above mentioned Decision may be

accessed here

NSC amended the regulatory framework

regarding the preparation and submission

of annual financial statements by entities

authorized regulated and supervised by

NSC

NSC enacted Order no 11514122010

approving the Instruction no 4 2010 for the

amendment of NSCrsquos Instruction no 2 2007

regarding the preparation and submission of

annual financial statements by entities

authorized regulated and supervised by the

NSC The said Order was published in the

Official Gazette no 85120122010 and it may

be accessed here

NSC amended the regulatory framework

regarding electronic reporting

NSC enacted Regulation no 272010

regarding electronic supervision through

reporting The said Regulation has been

published in the Official Gazette no

79729112010 and it may be accessed here

International

regulatory updates

Banking

Issuer European Central Bank

(ldquoECBrdquo)

ECB amended the regulatory framework

regarding the administration of the

borrowing and lending operations

concluded by the Union under the

European financial stabilization mechanism

ECB enacted Decision no 17 dated 14

October 2010 concerning the administration of

the borrowing and lending operations

concluded by the European Union under the

European financial stabilization mechanism

The said Decision was published in the Official

Journal of the European Union no L

27520102010 and may be accessed here

ECB amended the regulatory framework

regarding the Trans-European Automated

Real-time Gross Settlement Express

Transfer System

European Central Bank enacted on 2

November 2010 a decision for the amendment

of Decision ECB20077 regarding the terms

and conditions for Trans - European

Automated Real-time Gross settlement

Express Transfer system The said decision

was published in the Official Journal of

European Union no L 290536112010 and

may be accessed here

Issuer European Commission (ldquoECrdquo)

EC has amended the regulatory framework

regarding quality criteria and quality

reporting for balance of payments statistics

EC enacted on 20 December 2010 Regulation

no 12272010 amending ECrsquos Regulation no

10552008 implementing EC Regulation no

1842005 of the European Parliament and of

the Council as regards quality criteria and

quality reporting for balance of payments

statistics The said Regulation was published in

the Official Gazette of the European Union no

L 33615 dated 21122010 For more

information please access here

Capital Markets

Issuer European Parliament and

Council

European Parliament and Council amended

the Prospectus to be published in case of

initial public offers

On 24 November 2010 the European

Parliament and the Council enacted Directive

201073UE amending Directive 200371EC

on the prospectus to be published in case of

initial public offers and Directive 2004109EC

on the harmonization of transparency in

relation to information about issuers whose

securities are admitted to trading on a

regulated market We underline that the

Member States must insure the implementation

of the said Directive until 1 July 2012 The full

text of the Directive was published in the

Official Journal of the European Union L

32711122010 and may be accessed here

Banking

Issuer European Central Bank

(ldquoECBrdquo)

ECB amended the regulatory framework

regarding the administration of the

borrowing and lending operations

concluded by the Union under the

European financial stabilization mechanism

ECB enacted Decision no 17 dated 14

October 2010 concerning the administration of

the borrowing and lending operations

concluded by the European Union under the

European financial stabilization mechanism

The said Decision was published in the Official

Journal of the European Union no L

27520102010 and may be accessed here

ECB amended the regulatory framework

regarding the Trans-European Automated

Real-time Gross Settlement Express

Transfer System

European Central Bank enacted on 2

November 2010 a decision for the amendment

of Decision ECB20077 regarding the terms

and conditions for Trans - European

Automated Real-time Gross settlement

Express Transfer system The said decision

was published in the Official Journal of

European Union no L 290536112010 and

may be accessed here

Issuer European Commission (ldquoECrdquo)

EC has amended the regulatory framework

regarding quality criteria and quality

reporting for balance of payments statistics

EC enacted on 20 December 2010 Regulation

no 12272010 amending ECrsquos Regulation no

10552008 implementing EC Regulation no

1842005 of the European Parliament and of

the Council as regards quality criteria and

quality reporting for balance of payments

statistics The said Regulation was published in

the Official Gazette of the European Union no

L 33615 dated 21122010 For more

information please access here

Capital Markets

Issuer European Parliament and

Council

European Parliament and Council amended

the Prospectus to be published in case of

initial public offers

On 24 November 2010 the European

Parliament and the Council enacted Directive

201073UE amending Directive 200371EC

on the prospectus to be published in case of

initial public offers and Directive 2004109EC

on the harmonization of transparency in

relation to information about issuers whose

securities are admitted to trading on a

regulated market We underline that the

Member States must insure the implementation

of the said Directive until 1 July 2012 The full

text of the Directive was published in the

Official Journal of the European Union L

32711122010 and may be accessed here

Domestic regulatory

proposals

Banking

Issuer NBR

Proposal of Regulation regarding payments

The proposal aims to systematize the

regulations issued by NBR in payments field

taking NBR regulations in this area into a

unitary structure and also structuring them

depending on the nature of activities in order to

facilitate knowledge and application of the legal

framework in payments field The said proposal

may be accessed here

Proposal of Regulation regarding the

reporting of statistic data and information

to NBR

To facilitate the knowledge and application of

the legal framework on statistic reporting this

proposal aims to systematize the regulations

issued by NBR in this area and to concentrate

them in a unitary structure The said proposal

may be accessed here

Private Pensions

Issuer PPSSC

Proposal of Norm regarding the merger of

voluntary pension funds The full text of the

proposal may be accessed here

Proposal of Norm regarding the

membership and record of the participants

in voluntary pension funds The full text of

the proposal may be accessed here

Capital Markets

Issuer NSC

Draft Instruction on auditing computer

systems used by entities authorized

regulated and supervised by the NSC The

said proposal may be accessed here

Proposal of Regulation amending NSCrsquos

Regulation no 32006 regarding the

authorization set up and operation of the

Investorsrsquo Compensation Fund The full text

of the proposal may be accessed here

Banking

Issuer NBR

Proposal of Regulation regarding payments

The proposal aims to systematize the

regulations issued by NBR in payments field

taking NBR regulations in this area into a

unitary structure and also structuring them

depending on the nature of activities in order to

facilitate knowledge and application of the legal

framework in payments field The said proposal

may be accessed here

Proposal of Regulation regarding the

reporting of statistic data and information

to NBR

To facilitate the knowledge and application of

the legal framework on statistic reporting this

proposal aims to systematize the regulations

issued by NBR in this area and to concentrate

them in a unitary structure The said proposal

may be accessed here

Private Pensions

Issuer PPSSC

Proposal of Norm regarding the merger of

voluntary pension funds The full text of the

proposal may be accessed here

Proposal of Norm regarding the

membership and record of the participants

in voluntary pension funds The full text of

the proposal may be accessed here

Capital Markets

Issuer NSC

Draft Instruction on auditing computer

systems used by entities authorized

regulated and supervised by the NSC The

said proposal may be accessed here

Proposal of Regulation amending NSCrsquos

Regulation no 32006 regarding the

authorization set up and operation of the

Investorsrsquo Compensation Fund The full text

of the proposal may be accessed here

International regulatory

proposals measures

Banking

Issuer Committee of European Banking Supervisors (ldquoCEBSrdquo)

CEBS enacted on 13 October 2010 its Draft

consultation paper on the Guidebook on

Internal Governance For more details please

access here

CEBS enacted on 18 October 2010 its

second peer review Report on the

functioning of supervisory colleges For

more details please access here

CEBS has published on 18 November 2010

its guidelines on revised Article 3 of

Directive 200648EC For more information

please access here

CEBS has published on 10 December 2010

its Guidelines on Remuneration Policies

and Practices The said Guidelines may be

accessed here

CEBS published on 22 December 2010 the

final text of its Guidelines for the joint

assessment of the elements covered by the

supervisory review and evaluation process

and joint decision regarding the capital

adequacy of cross-border groups For

further information please access here

Issuer Loan Market Association (bdquoLMArdquo) LMA published on October 2010 updated

information regarding loan-related ldquoKnow

Your Customerrdquo documentation For more

information please access here

Issuer EC EC launched on 5 November 2010 another

public consultation with respect to the

credit rating agencies For more details

please access here

Issuer ECB ECB enacted on 13 December 2010 the

Guideline amending the Guideline

ECB20007 on monetary policy instruments

and procedures of the Euro-system The

Guideline was published in the Official Gazette

of European Union no L 33663 dated

21122010 For further information please

access here

According to a press release dated 16

December 2010 ECB has decided to

increase its subscribed capital with 5 billion

EUR from 576 billion EUR to 1076 billion

EUR starting with 29 December 2010 For

more details please access here

Banking

Issuer Committee of European Banking Supervisors (ldquoCEBSrdquo)

CEBS enacted on 13 October 2010 its Draft

consultation paper on the Guidebook on

Internal Governance For more details please

access here

CEBS enacted on 18 October 2010 its

second peer review Report on the

functioning of supervisory colleges For

more details please access here

CEBS has published on 18 November 2010

its guidelines on revised Article 3 of

Directive 200648EC For more information

please access here

CEBS has published on 10 December 2010

its Guidelines on Remuneration Policies

and Practices The said Guidelines may be

accessed here

CEBS published on 22 December 2010 the

final text of its Guidelines for the joint

assessment of the elements covered by the

supervisory review and evaluation process

and joint decision regarding the capital

adequacy of cross-border groups For

further information please access here

Issuer Loan Market Association (bdquoLMArdquo) LMA published on October 2010 updated

information regarding loan-related ldquoKnow

Your Customerrdquo documentation For more

information please access here

Issuer EC EC launched on 5 November 2010 another

public consultation with respect to the

credit rating agencies For more details

please access here

Issuer ECB ECB enacted on 13 December 2010 the

Guideline amending the Guideline

ECB20007 on monetary policy instruments

and procedures of the Euro-system The

Guideline was published in the Official Gazette

of European Union no L 33663 dated

21122010 For further information please

access here

According to a press release dated 16

December 2010 ECB has decided to

increase its subscribed capital with 5 billion

EUR from 576 billion EUR to 1076 billion

EUR starting with 29 December 2010 For

more details please access here

Insurance

Issuer EC EC initiated public consultations on the

review of the Insurance Mediation Directive

The purpose of this consultation is to collect

views from all stakeholders concerned on the

necessary changes to address the main

weaknesses in the current Directive

200292EC of the European Parliament and

the Council on insurance mediation For further

information please access here

Capital Markets

Issuer Committee of European Securities Regulators (bdquoCESRrdquo) CESR enacted on 13 October 2010 its

second set of technical advice in the

context of reviewing Directive no 392004

on markets in financial instruments For

further information please access here

Issuer EC EC has initiated on 5 November 2010 a

public consultation process having as

object the collection of opinions for

determining harmonization and improving

the legal framework regarding the

possession and transmission of

transferable securities as well as the

exercising of rights correspondent to

transferable securities within the unique

market context For more details please

access here

EC has launched a public consultation

having as object the review of applicable

legal framework for Undertakings for

Collective Investment in Transferable

Securities concerning certain provisions on

managers remuneration for the purpose of

improving the protection level of investors

For more details please access here

Issuer European Securities and Markets Authority (ldquoESMArdquo) ESMA published on 2 December 2010 the

list of measures recently taken by its

Members on short-selling For further

information please access here

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Romania on various matters pertaining to mergers and acquisitions corporate

and commercial law finance banking and capital markets real estate project

finance employment competition fiscal and commercial litigation and

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In the financial services sector Reff amp Associates provides the full range of

services to banks and financial institutions including

- Finance deals transaction support in bilateral and syndicated loans

loan workouts securitisation loan transfers and assists in drafting and

negotiating the transaction documentation (loan agreements security

and other ancillary documentation)

- MampA transactions in the financial services sector advice on the

structure of the transaction the pre-contractual documentation due

diligence draftingnegotiating the purchase agreements and assisting

the implementation of the transaction

- Regulatory assistance ongoing assistance with respect to the

specific legal and regulatory requirements applicable to banks non

banking financial institutions operating in Romania development of

new financial products representation in front of the regulators

(National Bank of Romania Insurance Supervisory Commission

Securities Commission etc)

For more details on our services and credentials in the FSI sector please

click here

Subscribe to the Financial Services Industry Monthly Bulletin

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Partner

+ 40 21 207 52 05

aburzpinzarudeloittececom

Simina Mut

Managing Associate

+ 40 21 207 52 69

smutdeloittececom

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Managing Associate

+ 40 21 207 53 13

ltrifadeloittececom

Financial Services Industry Contacts in

Deloitte Romania

George Mucibabici

Chairman

+ 40 21 207 52 55

gmucibabicideloittececom

Audit

Ahmed Hassan

Partner + 40 21 207 52 60 ahhassandeloittececom

Enterprise Risk Services

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Director

+ 40 21 207 54 85

aionescudeloittececom

Financial Advisory

Hein van Dam

Partner in Charge

+ 40 21 207 52 30

hvandamdeloittececom

Tax

Dan Badin

Partner + 40 21 207 53 92

dbadindeloittececom

Legal

Andrei Burz-Pinzaru

Partner ReffampAssociates

correspondent law firm of Deloitte Romania

+ 40 21 207 52 05

aburzpinzarudeloittececom

Consulting

Razvan Horobeanu

Manager

+ 40 21 207 53 57

rhorobeanudeloittececom

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